Vera Therapeutics, a Phase 2b biotech developing fusion proteins for immunological diseases, raised $48 million by offering 4.4 million shares at $11, below the range of $14 to $16. At pricing, the company commands a fully diluted market value of $244 million.
Vera's lead candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator and a proliferation-inducing ligand, which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases. The company plans to initiate a Phase 2b trial of atacicept in patients with immunoglobulin A nephropathy, a serious and progressive autoimmune disease of the kidney, in the 2Q21, with topline results expected in the 4Q22.
Vera Therapeutics plans to list on the Nasdaq under the symbol VERA. Jefferies, Cowen and Evercore ISI acted as lead managers on the deal.
